May 2025 Mining Report: IREN, MARA, CLSK & RIOT Square Off!

Bitcoin's impressive rise above $107,000 coincides with substantial institutional buying, creating a significant supply-demand imbalance as miners report their May production results.

• Marathon leads May production with 950 Bitcoin mined ($99.6 million revenue)
• Top six miners all within 1% of each other on Bitcoin-per-exahash metric
• CleanSpark approaching 50 exahash target with 45.6 exahash now energized
• Hive Digital has nearly doubled hash rate since January
• IREN maintains industry-leading efficiency at 15 joules per terahash
• Strategy and MetaPlanet continue aggressive Bitcoin acquisition
• Marathon approaching 50,000 BTC treasury milestone
• Six miners produced nearly identical Bitcoin per exahash in May
• Miners adopting varied Bitcoin selling strategies with price above $100,000
• Fleet efficiency continuing to improve across the sector
• New mining machines coming with sub-10 joules per terahash efficiency

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